[WSBARP] A *complicated" Quitclaim Deed situation.

[Nestor Gorfinkel]

I agree.
How about a possible work-around? W forms an LLC where her and husband are members, she transfers title to the LLC with her POA.  Membership interests are now personal property. RETA will be change of identity.
I can’t help you tax wise.


Nestor Gorfinkel, Attorney at Law
Licensed in Florida & Washington State
Florida Civil-Law (International) Notary

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Andrew Hay
Sent: Wednesday, July 7, 2021 10:25 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] A *complicated" Quitclaim Deed situation.

Complicated indeed!  Title companies are wary of POA transfers to the POA and sometimes will not insure the downstream transaction.  It would be helpful if the POA had a specific provision allowing gifts.  Our title folks may chime in on this but it is a concern.

It almost seems better to wait until H passes and then do a Lack of Probate Affidavit to transfer title.  That preserves the stepped up basis – assuming foreigners are entitled to it.


Andrew Hay
Hay & Swann PLLC
201 S. 34th St.
Tacoma, WA 98418
www.washingtonlaw.net<http://www.washingtonlaw.net/>
andrewhay at washingtonlaw.net<mailto:andrewhay at washingtonlaw.net>
He/him/his
253.272.2400 (w)
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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Roger Hawkes
Sent: Tuesday, July 6, 2021 5:47 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] A *complicated" Quitclaim Deed situation.

One probable consequence is loss of the stepped up basis; i say ‘probable’ because I don’t know if foreigners even qualify for that☹

From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Carol Li
Sent: Tuesday, July 6, 2021 5:37 PM
To: wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] A *complicated" Quitclaim Deed situation.

Hope everyone had a fantastic holiday weekend!
Drafting a QCD should be one of the easiest tasks, but I am running into a complicated one here. PC and her husband own two properties in WA. They are both Canadians. Now the husband is sick(very sick) and PC has the POA. PC is seeking legal help to transfer the properties to her own name only. I immediately thought of using quit claim deed to transfer the title as gift under WAC REETA exemption. Now two questions pop up: 1. Can PC sign as grantor on behalf of the husband to gift half of the title to PC? (It sounds almost like conflict of interest or PC taking advantage of her sick husband?) And 2. As Canadians/foreigners, does the husband need to file federal gift tax certificate or is there any other federal tax consequences ...
Thank you in advanced!
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